FINRA Reportedly Suspends and Fines Broker Christopher Passero of Money Concepts Capital 

The Financial Industry Regulatory Authority (FINRA) has reportedly suspended Christopher Passero (CRD # 25176810) from the securities industry for three months and fined him $10,000, according to a Letter of Acceptance Waiver and Consent on April 11, 2022.  

According to FINRA, Passero, of Hurricane, West Virginia, purportedly made payments to customers totaling $249,560 to allegedly compensate them for losses associated with investments that he had recommended. Passero reportedly failed to tell his member firm about the payments to his customers or seek authorization before he made them, according to FINRA’s findings.   

Further, Passero purportedly loaned $10,000 to a firm customer to assist the customer in paying a tax liability without notifying the firm and also allegedly lied in a compliance questionnaire that he did not loan money to customers.  

According to his FINRA BrokerCheck report, Christopher Passero has reportedly been affiliated with MONEY CONCEPTS CAPITAL CORP (CRD#: 12963) in Hurricane, West Virginia for the past 24 years. He has five customer complaints on his record, according to FINRA. Allegations from the investor disputes include unsuitable investments in GPB Capital offerings, negligence, gross negligence, breach of fiduciary duty, fraud, civil conspiracy, misrepresentation/non-disclosure, omission of facts and unsuitable investments, among others. One complaint is pending, two were denied, one was settled and one was closed-no action, according to FINRA.  

Potential Lawsuits to Recover Financial Losses          

The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Passero’s employers may have for failure to properly supervise him.   

When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.            

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in all 50 states including West Virginia. Our attorneys have recovered millions of dollars from many brokerage firms in the past.            

If you are concerned about your investments with Christopher Passero, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.             

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.